Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 NOTE 13 - SHARE BASED PAYMENTS Expiry date Granted during the year Exercised during the year Lapsed during the year Balance at the end of the year Vested and exercisable at the end of the year Number Number Number Number 30 June 2017 - - (2,140,044) - - 30 June 2018 3,252,089 - - - 3,252,089 - Total: - (2,140,044) 3,252,089 - - 2,140,044 Under the plan, participants are granted rights which only vest if certain performance standards are met. Participation in the plan is at the board's discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholders’ meetings. In the event of winding up the company, all shareholders participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. The amount of rights that will vest depends on the extent the performance criteria are met and are granted under the plan for no consideration. Rights granted under the plan carry no dividend or voting rights. When exercisable, each right is convertible into one ordinary share. Short-term incentives NOTE 12 - ISSUED CAPITAL (Continued) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 25 November 2013 29 November 2012 5,392,133 Performance rights issued under STI and LTI performance plan (approved at the AGM) are recognised on the date the service are provided from each key management personnel. The exercise price is nil. Refer to Note 4 Key Management Personnel remuneration and the remuneration report. Number The Company did not issue STIs for the 2015-16 (30 June 2015: Nil). The Company did not issue LTIs for the 2015-16 (30 June 2015: Nil). The only LTI plan award in operation during the year was 2013-14 LTIs. Performance Rights on Issue Balance at start of the year Number Long-term incentives Grant date NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2016 FINANCIAL REPORT 49 ICON ENERGY ANNUAL REPORT 2016